Dana Sanchez, 11:04 am
One of South Africa’s largest banks bought a majority stake in the team that built the country’s largest mobile payments product. Africa has the highest mobile money adoption rate in the world, but it’s hardly universal, catching on more in some countries and less in others. While banks and mobile payments startups would like to see large-scale adoption of mobile money, the reality is cash is likely to remain king in Africa — internet penetration and trust in the financial system are low on the continent.
Oil & Gas
Kevin Mwanza, 7:17 am
Nigeria, Africa’s largest oil producer, and its neighbors, Benin, Ghana, Togo and Cote d’Ivoire banned the importation of dirty fuels from Europe, in a move that the United Nations said will save at least 250 million people from air-borne infections. They took the decision after meeting with UNEP, in a move that banned fuels that cannot be sold to European markets because of their high sulphur levels.
Kevin Mwanza, 7:09 am
Ghana is gripped in tension after hackers targeted the Electoral Commission’s (EC) website, as two private radio stations said that Nana Akufo-Addo, of the opposition New Patriotic Party (NPP), had won the election based on projections from provisional results. The NPP urged the polls body to release results that have been delayed for the first time since 2000.
Derek Dias, 7:00 am
The Horn of Africa is home to three of the least-visted countries on the continent — Eritrea, Djibouti, and Somaliland. Overshadowed by Ethiopia, these Horn countries don’t get many tourists and there are good reasons why. There are also good reasons to go. All offer big adventures. Laas Geel is the highlight of Somaliland. Hire a guide, driver, and obligatory armed guard and set out through the desert to a series of caves housing the oldest rock art in East Africa. You’ll probably be the only tourist. Maybe your guard will let you shoot off a few rounds from his AK-47 if you ask nicely.
Kevin Mwanza, 12:28 am
Nigeria is finalizing plans that will see it issue a Eurobond in the first quarter of 2017, a first since 2013 for the Africa’s second biggest economy. The $1 billion Eurobond is part of the government’s efforts to plug a growing budget deficit and stimulate growth in its economy, which slumped into recession in August. The rise in global oil prices last week to $55, the highest this year and expectations within the international community that the struggling economy is adopting reforms
Dana Sanchez, 2:33 pm
Fethullah Gulen, a cleric living in exile in the U.S., has inspired schools all over the world. The Turkish president wants those schools closed. Gulen-inspired schools have existed in Turkey since the 1970s, but only became a global phenomenon in the past 20 years as Gulen grew closer to President Erdogan, whose Islamist-rooted AK Party won in 2002. Since 2013, Erdogan has demonized Gulen and wants schools and hospitals belonging to Gulen supporters confiscated or closed. Turkey invested $6.2 billion in Africa in 2015. At least six African countries have agreed to let the Turkish government take over private schools linked to Gulen.
Kevin Mwanza, 6:05 am
Johannesburg-based startup, Onyx Connect, is set to become the first firm on in Africa to manufacture smartphones when its starts rolling out its phones in the first quarter of 2017 to capitalize on the rich African market where high prices have been a major hurdle to handset ownership. The firm, with a $10.5 million in funding, will produce the handsets under a licensing deal with American tech giant, Google.
Oil & Gas
Kevin Mwanza, 5:33 am
Nigeria has signed a deal with Morocco to construct Trans-African gas pipeline that will connect the continent’s largest oil producer to Europe’s lucrative gas market. The 4,000 kilometer-long pipeline, to be funded by the Nigeria Sovereign Investment Authority and Ithmar Capital, a Moroccan sovereign wealth fund. The two governments signed the joint partnership during a state visit by Morocco’s King Mohammed to his Nigerian counterpart,
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